Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

US house prices register growth but still 30pc down on 2006 high

By Staff Reporter
27 August 2009 | 1 minute read

US house prices increased by 2.9 per cent in June, registering the second consecutive month of growth, the Standard and Poor’s / Case-Shiller national home index has revealed.

Advertisement
Advertisement

The rise comes on the back of a 15 per cent drop over the past year.

According to the index, despite the recent increases house prices have fallen more than 30 per cent since their peak in the second quarter of 2006.

Last week, mortgage applications rose to their highest level in almost three months led by gains in refinancing and purchases.

Data from the Mortgage Bankers Association showed applications to purchase or refinance a loan increased 7.5 per cent in the week ended 21 August.

The increase in home loan applications and house prices has economists forecasting a quicker than predicted recovery.

It is thought that the rising prices may boost consumer spending and force homebuyers who have been sitting on the fence waiting for a bottoming of prices to come back into the market.

 

US house prices register growth but still 30pc down on 2006 high
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.